Solana's Eight-Month Slump Leaves Investors Waiting for Rebound
Solana has just experienced its longest losing streak since launch, logging eight consecutive red monthly candles for the first time. The token's price has plummeted from around $253 to near $67 over this period. Analysts are now eyeing a possible rebound, with some flagging the $50 to $80 zone as a potential accumulation range, echoing the 2021 cycle.
According to chart analyst Crypto Patel, Solana's previous decline in 2021 saw nine red monthly candles, but they did not run back-to-back. The ninth candle marked the bottom, after which SOL climbed to a fresh record near $295. However, Patel cautioned that it remains early to call a turn and emphasized that the current downtrend could continue.
The cluster of short liquidations between $83 and $87 may spark a quick rally if buyers force a squeeze. Traders are now watching the level around $68.02 as the key support for the bullish case, with a close below it potentially unwinding the constructive structure.